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Forbes
6 days ago
- Business
- Forbes
Crypto Week Cements U.S. Leadership In Digital Asset Innovation
WASHINGTON, DC - JULY 18: U.S. President Donald Trump, surrounded by lawmakers signs, the 'GENIUS ... More Act' into law during a ceremony in the East Room of the White House July 18, 2025 in Washington, DC. The act, formally known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, was passed this week by the U.S. Congress. (Photo by) America is firmly on track to become the crypto capital of the world following Crypto Week, an historical political milestone for crypto laws with record-breaking House votes passing a trifecta of crypto bills: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. In the run-up to the Crypto Week bitcoin (BTC) hit the $120,000 mark, and Ethereum (ETH) recorded a massive price appreciation to strengthen its position in the financial ecosystem as the preferred platform for stablecoins and financial institutions. Crypto Week's Trifecta On July 3, French Hill, chair of the House Committee on Financial Services, declared 14-18 July 'Crypto Week.' During this time, leaders in the U.S. House of Representatives discussed and debated three crypto bills for a final vote. Hill, an Arkansas Representative, said, 'I believe the bills we will have on the floor… will protect investors, consumers, and make America, as President Trump wants, a leader in financial technology and crypto and digital asset innovation.' The lawmakers wanted to get the two of the bills ready before Congress breaks for recess in August, the GENIUS Act has already been passed in the Senate, Trump signed it into law on Friday, July 18. One of the three bills is the Digital Asset Market Clarity (CLARITY) Act which aims to introduce a regulatory framework for the crypto industry. The Clarity Act will define the roles of the SEC and CFTC, as well as provide a limited exemption from the Securities Act of 1933's registration requirement for certain offers and sales of investment contracts involving digital commodities. The other bill is the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which sets rules for stablecoin issuing entities. Besides extending the Bank Secrecy Act to stablecoin issuers, the GENIUS Act ensures issuers must maintain reserves backing the stablecoin on a one-to-one basis in (high quality) U.S. dollar denominated assets. Finally, the Anti-CBDC Surveillance State Act is the most controversial bill, since it prevents America's central bank, the Federal Reserve, from issuing a CBDC. The bill also aims to prevent the Federal Reserve from influencing monetary policy through a CBDC and further ensures that only Congress can issue a digital dollar. 'A trifecta of bills cleared the House this week all eyes were on the U.S. as they made decisive moves to enact pro-innovation rules, and the first ever piece of crypto specific legislation in the history of the nation,' says Elise Soucie Watts, executive director of Global Digital Finance, the global crypto and digital assets industry association. These bills are set to profoundly transform America's financial ecosystem and achieved bipartisanship but proved challenging to pass. Innovation Theater In The House Donald Trump ordered Republican lawmakers to vote yes for the GENIUS ACT, and yet the crypto bills failed to clear an important procedural step in the House of Representatives last Tuesday. A deadlock resulted when an estimated 13 Republicans voted against the resolution and refused to support the vote unless a CBDC ban was guaranteed to pass. Several Republican representatives including Andy Biggs, Marjorie Taylor Greene, Tim Burchett, Anna Paulina Luna, and Victoria Spartz took to X to clarify they weren't against the crypto bill per se, but did not want the GENIUS Act to be passed unless it had a specific clause for banning CBDCs. Trump had to intervene and met with 11 representatives at the Oval Office to convince them to vote in favor of the legislation. After a record-long procedural vote to set up floor debate that lasted nine hours, the longest in the House's history — it was eventually passed late on Wednesday. The U.S. House of Representatives passed the three crypto bills on Thursday. The CLARITY Act was passed with 294-134 votes, 308-122 in favor of the GENIUS Act, and 219-210 for the Anti-CBDC Surveillance State Act. The bills were passed with major bipartisan support, with over 80 Democrats voting yes for the CLARITY Act and 100 of them supporting the GENIUS Act. But the Anti-CBDC Surveillance State bill received the least support from Democrats and may remain a contentious issue. Steve Scalise, House Majority Leader, and Tom Emmer, Majority Whip of the House of Representatives, have mentioned that Republicans will add a CBDC ban to the must-pass defense spending bill, the National Defense Authorization Act (NDAA), to 'ensure unelected bureaucrats are never allowed to trade America's financial privacy…'. Analyzing the situation, Shibtoshi, ceo and founder of SquidGrow and SilentSwap, said, 'Crypto Week may be the clearest signal yet that the U.S. is ready to lead the global digital asset race. When the U.S. government, through House leadership, formally declares Crypto Week and advances landmark legislation, it signals more than symbolic support. It marks a structural shift. 'For the first time, we're seeing coordinated federal action that reflects a commitment to shaping the future of crypto rather than sidelining it. That kind of clarity doesn't just impact policy—it builds confidence across markets, institutions, and builders alike.' Now that the CLARITY and Anti-CBDC bills have been passed, they'll go to the Senate for debate and may return to the House after amendments. Elaborating on the benefits of a clear regulatory landscape, Zain Zaidi ceo and director of TransCrypts said, 'Compliance is a necessary component of every industry, and crypto is no exception. A robust compliance regime forms the foundation of a trust-building exercise, allowing new users to explore products and services in a safe and secure environment. The three crypto bills pave the way toward a compliant digital financial ecosystem.' Justin Wu, cmo of Accelerate Labs, notes, 'Earlier anti-crypto policies like SAB 121 and Operation Choke Point 2.0 made it difficult for banks and financial institutions to participate in the digital assets ecosystem. The Trump administration's pro-crypto stance alongside legislative efforts like the GENIUS Act, could provide an enormous boost for certain niches within the crypto industry. "Stablecoins, for example, form an important part of real-world asset (RWA) tokenization, and formal recognition will accelerate institutional adoption and retail interest. We expect these developments will have a positive ripple effect across the industry.' As a result of the passing of the bills, the favorable regulatory conditions have had a positive impact on the price of BTC and ETH, starting before Crypto Week officially began. The Stellar Price Performance Of BTC and ETH At the start of Crypto Week, the price of BTC reached an all-time high of $122,600, on July 14, surpassing a $2.4 trillion market cap. Consequently, bitcoin became the fifth-most valuable asset globally, beating Amazon, Silver, and Alphabet (Google). In the run-up to Crypto Week, spot BTC ETFs amassed over $1 billion of inflows on Friday alone. In the run up to Crypto Week, it is reported that over 200 companies are now holding BTC on their balance sheets, a sharp rise from just 124 companies weeks ago. CK Zheng, partner at ZX Squared Capital, explained, 'Bitcoin safely positioned itself as a reliable macro asset and a hedge against fiscal indiscipline, bolstering the crypto industry's resilience and stability before the Crypto Week. Its price appreciation can be attributed to two things 1) regulatory clarity from the Trump administration and 2) strong investor confidence resulting from that clear regulatory landscape.' BTC is not the only asset that is performing with altcoins also having a strong run, led by Ethereum. Shibtoshi explained, 'Market momentum is clearest in Ethereum. The CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act all align with Ethereum's current market position. Regulatory recognition that ETH is not a security, brings renewed certainty—not just for the asset, but for the ecosystem building on top of it. As most stablecoin activity is anchored to Ethereum, this legislative push reinforces Ethereum's role as a foundational infrastructure for DeFi and beyond.' A new executive order, announced last week, will enable retirement funds to access crypto and digital assets, gold, and private equity and helps to unlock an exposure to a $43 trillion market. For institutions that missed BTCs early run, ETH presents a more familiar path: a yield-generating, programmable asset increasingly viewed as treasury-grade. This narrative shift is already playing out in the ETH/BTC chart, as capital begins to follow the MicroStrategy playbook, this time, with ETH at the center. 'Ultimately, the combination of regulatory scaffolding and new institutional demand isn't just lifting Ethereum, it's reshaping how digital assets are evaluated. The real impact of Crypto Week is that it lays the foundation for mainstream adoption, positioning the U.S. to lead the next chapter of financial innovation,' adds Shibtoshi. It remains to be seen how the Senate defines 'digital commodities' while discussing the CLARITY Act to avoid any regulatory gaps and arbitrage opportunities. The CBDC policy is also a highly sensitive issue, and clarifications on its provisions will take time. Similarly, the GENIUS Act will now enter the crucial stage of making the rules and involving the Federal Reserve. Adds Soucie Watts, 'Work remains to complete the full framework with new market structure proposals already set out from the Senate. The U.S. will need to continue its bipartisan momentum to realize its vision to be the home of global crypto capital." Crypto Week has set the ball rolling for active legislation through bipartisan support and consensus-building. Although implementing the Acts and cross-agency collaborations are yet to be finalized, the U.S. has cemented its leadership in digital asset innovation with the emerging clear regulatory guidelines.
Yahoo
18-07-2025
- Business
- Yahoo
U.S. House's 'Crypto Week' Shifts Toward Getting All Legislation Out Thursday
The U.S. House of Representatives' on-again, off-again "Crypto Week" has turned into a crypto day as a dispute among Republicans found a late-night resolution and the lawmakers hatched a plan to pursue all of its crypto legislative votes late Thursday. The Digital Asset Market Clarity Act — the industry's top priority, which would set out rules for U.S. crypto markets — is first on the agenda in voting set to take place just before 4 p.m., according to House plans. Then comes the second priority: the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which would establish government oversight of stablecoin issuers. That second vote would be the last step before GENIUS could become U.S. law — the first major U.S. crypto policy. In a one-two-three strategy, the lawmakers would then handle a bill to ban a U.S. central bank digital currency (CBDC) — the issue that caused Republican members of the House Freedom Caucus to derail earlier procedural steps to advance the bills as they worked to get assurances that the CBDC issue would find its way into must-pass legislation. The procedural votes that were expected to be routine on Wednesday turned into a lengthy ordeal in which House Republicans fell into debate over the CBDC component, stretching the procedural delay almost to midnight and putting off the expected Wednesday vote on the Clarity Act. Back on track now, the White House is eagerly setting up a Friday afternoon ceremony in which President Donald Trump can sign the GENIUS Act, officially meeting one piece of a promise to the industry that his administration would establish U.S. crypto regulations this year. "This is common-sense, forward-looking legislation," said Representative French Hill, the chairman of the House Financial Services Committee, during a Thursday House floor debate on the GENIUS Act. "Wow, we're actually legislating," Hill said. "We're seeing bills passed in both chambers." However, Representative Maxine Waters, the committee's ranking Democrat, argued the bill would "plant the seeds for the next financial crisis." Though GENIUS may be in the lead, the Clarity Act to oversee the rest of the industry is much larger and more complex than the stablecoin bill. Though Senator Tim Scott, the chairman of the Senate Banking Committee, set a Sept. 30 deadline for his chamber to finish similar market structure legislation, a number of difficult hurdles remain to be cleared in that 10-week period. First, his committee hasn't yet shared the language of the bill it's been working on, which has so far only been described through a series of "principles" the panel's Republican leaders issued. Then the bill also has to be approved by the Senate Agriculture Committee, which held a hearing on the topic this week but isn't as advanced in its work on this topic. With objections already raised by Senate Democrats to the existing proposals — including from the ranking Democrats on both committees — "working through Democratic concerns on market structure will take well into the fall, and quite possibly beyond," predicted Beacon Policy Advisors, a firm that tracks regulatory developments in Washington. Though Scott said the senators would use the Clarity Act as a "strong template," crypto lobbyists are expecting a substantially different bill in the Senate. That would mean the House would face at least one more vote on crypto market structure down the road. If the House's Clarity Act vote goes as planned on Thursday, it's expected to see a big bipartisan result (with industry lobbyists so far expecting more than 30 Democrats to get on board). Crypto insiders are laser-focused on the number of Democrats backing that effort, which they believe will have an effect on the enthusiasm of the Senate to pursue its own bill. An especially strong result — akin to the 71 Democrats a predecessor bill drew in the previous congressional session — "will put pressure on the Senate to act," said policy analyst Jaret Seiberg of TD Cowen, in a client note, describing the market structure effort as much more important for the sector than GENIUS, "as it will establish the regulatory regime for trading platforms and tokens." So far, this Senate has shown a strong inclination toward crypto policy, having passed the GENIUS Act with a lopsided 68-30 result. But the market structure legislation could face a tougher road, because it's more complicated, and Democrats have been raising angry opposition to President Trump's personal business ties to the industry, which some lawmakers argue constitute a corrupt conflict of interests. Adds comments from lawmakers during the House floor debate on legislation. Sign in to access your portfolio
Washington Post
17-07-2025
- Business
- Washington Post
House sends bill regulating stablecoins, a type of cryptocurrency, to Trump
WASHINGTON — The House has passed three bills intended to boost the legitimacy of the cryptocurrency industry with new regulations as President Donald Trump has pushed to make the U.S. the ' crypto capital of the world.' One of the three bills, legislation to regulate a type of cryptocurrency called stablecoins, had already passed the Senate with broad bipartisan support and will now head to Trump's desk. The other two bills — a broader measure to create a new market structure for cryptocurrency and a bill to prohibit the Federal Reserve from issuing a new digital currency — will go to the Senate. The stablecoin bill, passed on a 308-122 vote, sets initial guardrails and consumer protections for the cryptocurrency, which is tied to a stable asset, often the U.S. dollar, to reduce price volatility. It passed the Senate with bipartisan support in June. 'Around the world, payment systems are undergoing a revolution,' said House Financial Services Chair French Hill of Arkansas as lawmakers debated the stablecoin legislation Thursday morning. Hill said the bill will 'ensure American competitiveness and strong guardrails for our consumers.' After Trump declared it 'crypto week,' the bills were stalled for more than a day amid disagreements among House Republicans about how to combine the legislation. In the end, GOP leaders put the three bills for a separate votes, leaving the fate of the other two bills unclear in the Senate. The internal dissent could foreshadow challenges ahead for the more sweeping crypto legislation that Trump has demanded and the industry has poured millions into advancing. The stablecoin measure is seen by lawmakers and the industry as a step toward adding legitimacy and consumer trust to a rapidly growing sector. Treasury Secretary Scott Bessent said in June that the legislation could help that currency 'grow into a $3.7 trillion market by the end of the decade.' The bill outlines requirements for stablecoin issuers, including compliance with U.S. anti-money laundering and sanctions laws, and mandates that issuers hold reserves backing the cryptocurrency. Without such a framework, Republicans on the Senate Banking Committee in a statement warned , 'consumers face risks like unstable reserves or unclear operations from stablecoin issuers.' After the votes, House Republicans strongly urged the Senate to take up the second bill, which would create a new market structure for cryptocurrency. Rep. Bryan Steil, R-Wis., said the 294-134 vote on that legislation shows broad bipartisan support and a 'massive energy' on the issue. But it is so far unclear whether the Senate would consider the House bill or try to write its own. That legislation aims to provide clarity for how digital assets are regulated. The bill defines what forms of cryptocurrency should be treated as commodities regulated by the Commodity Futures Trading Commission and which are securities policed by the Securities and Exchange Commission. In general, tokens associated with 'mature' blockchains, like bitcoin, will be considered commodities. The third bill, passed on a narrower 219-210 margin, prohibits the U.S. from offering what's known as a 'central bank digital currency,' which is like a government-issued form of digital cash. The crypto industry has long complained that unclear laws have made it difficult to operate in the U.S. and that the Biden administration tried to regulate it through enforcement actions rather than transparent rulemaking. Getting this bill passed has been a top priority for the industry, which has quickly become a major power player in Washington thanks to heavy campaign donations and lobbying. Advocates said the passage of the bills marks a key moment in cryptocurrency's winding path toward mainstream adoption. Patrick McHenry, the former chair of the House Financial Services Committee and now vice chair of the crypto firm Ondo Finance, said the legislation will have a 'massive generational impact,' similar to the securities laws Congress passed in the 1930s that helped make Wall Street the center of the financial world. 'These bills will make the United States the center of the world for digital assets,' he said. While the bill has significant bipartisan support, it has also faced pushback from Democrats who say the legislation should address Trump's personal financial interests in the crypto space. 'No one should be surprised that these same Republicans' next order of business is to validate, legitimize, and endorse the Trump family's corruption and efforts to sell the White House to the highest bidder,' said California Rep. Maxine Waters , the top Democrat on the Financial Services panel. A provision in the stablecoin bill bans members of Congress and their families from profiting off stablecoins. But that prohibition does not extend to the president and his family, even as Trump builds a crypto empire from the White House. In May, the Republican president hosted a private dinner at his golf club in Virginia with top investors in a Trump-branded meme coin. His family holds a significant stake in World Liberty Financial , a crypto project that launched its own stablecoin, USD1. Trump reported earning $57.35 million from token sales at World Liberty Financial in 2024, according to a public financial disclosure released in June. A meme coin linked to him has generated an estimated $320 million in fees, though the earnings are split among multiple investors. Some Democrats also criticized the bill for creating what they see as an overly weak regulatory framework that could pose long-term financial risks. They've also raised concerns that the legislation opens the door for major corporations to issue their own private cryptocurrencies. 'If this bill passes, it will allow Elon Musk and Mark Zuckerberg to issue their own money. The bill still permits Big Tech companies and other conglomerates to issue their own private currencies,' said Massachusetts Sen. Elizabeth Warren, the top Democrat on the Senate Banking Committee.
Boston Globe
17-07-2025
- Business
- Boston Globe
House sends bill regulating stablecoins, a type of cryptocurrency, to Trump
Advertisement 'Around the world, payment systems are undergoing a revolution,' said House Financial Services Chair French Hill of Arkansas as lawmakers debated the stablecoin legislation Thursday morning. Hill said the bill will 'ensure American competitiveness and strong guardrails for our consumers.' Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up After Trump declared it 'crypto week,' the bills were stalled for more than a day amid disagreements among House Republicans about how to combine the legislation. In the end, GOP leaders put the three bills for a separate votes, leaving the fate of the other two bills unclear in the Senate. The internal dissent could foreshadow challenges ahead for the more sweeping crypto legislation that Trump has demanded and the industry has poured millions into advancing. The stablecoin measure is seen by lawmakers and the industry as a step toward adding legitimacy and consumer trust to a rapidly growing sector. Treasury Secretary Scott Bessent said in June that the legislation could help that currency 'grow into a $3.7 trillion market by the end of the decade.' Advertisement The bill outlines requirements for stablecoin issuers, including compliance with U.S. anti-money laundering and sanctions laws, and mandates that issuers hold reserves backing the cryptocurrency. Without such a framework, Republicans on the Senate Banking Committee in a statement warned, 'consumers face risks like unstable reserves or unclear operations from stablecoin issuers.' While the bill has significant bipartisan support, it has also faced pushback from Democrats who say the legislation should address Trump's personal financial interests in the crypto space. 'No one should be surprised that these same Republicans' next order of business is to validate, legitimize, and endorse the Trump family's corruption and efforts to sell the White House to the highest bidder,' said California Rep. Maxine Waters, the top Democrat on the Financial Services panel. A provision in the stablecoin bill bans members of Congress and their families from profiting off stablecoins. But that prohibition does not extend to the president and his family, even as Trump builds a crypto empire from the White House. In May, the Republican president hosted a private dinner at his golf club in Virginia with top investors in a Trump-branded meme coin. His family holds a significant stake in World Liberty Financial, a crypto project that launched its own stablecoin, USD1. Trump reported earning $57.35 million from token sales at World Liberty Financial in 2024, according to a public financial disclosure released in June. A meme coin linked to him has generated an estimated $320 million in fees, though the earnings are split among multiple investors. Advertisement Some Democrats also criticized the bill for creating what they see as an overly weak regulatory framework that could pose long-term financial risks. They've also raised concerns that the legislation opens the door for major corporations to issue their own private cryptocurrencies. 'If this bill passes, it will allow Elon Musk and Mark Zuckerberg to issue their own money. The bill still permits Big Tech companies and other conglomerates to issue their own private currencies,' said Massachusetts Sen. Elizabeth Warren, the top Democrat on the Senate Banking Committee. Associated Press writer Alan Suderman contributed to this report.
Yahoo
17-07-2025
- Business
- Yahoo
House votes on trio of cryptocurrency bills aimed at legitimizing the industry
WASHINGTON (AP) — The House is voting on a trio of bills Thursday intended to boost the legitimacy of the cryptocurrency industry with new regulations as President Donald Trump has pushed to make the U.S. the ' crypto capital of the world.' One of the bills, which would regulate a type of cryptocurrency called stablecoins, has already passed the Senate with broad bipartisan support and will head to Trump's desk if it passes the lower chamber. The other two — legislation to address cryptocurrency market structure and a bill to prohibit the Federal Reserve from issuing a central bank digital currency — have yet to be passed in the Senate. The stablecoin bill sets initial guardrails and consumer protections for the cryptocurrency, which is tied to a stable asset, often the U.S. dollar, to reduce price volatility. It passed the Senate with bipartisan support in June. 'Around the world, payment systems are undergoing a revolution,' said House Financial Services Chair French Hill of Arkansas as lawmakers debated the stablecoin legislation Thursday morning. Hill said the bill will 'ensure American competitiveness and strong guardrails for our consumers.' After Trump declared it 'crypto week,' the bills were stalled for more than a day amid disagreements among House Republicans about how to combine the legislation. In the end, GOP leaders put the three bills for a separate vote, leaving the fate of the other two bills unclear. The internal dissent could foreshadow challenges ahead for the more sweeping crypto legislation that Trump has demanded and the industry has poured millions into advancing. The stablecoin measure is seen by lawmakers and the industry as a step toward adding legitimacy and consumer trust to a rapidly growing sector. Treasury Secretary Scott Bessent said in June that the legislation could help that currency 'grow into a $3.7 trillion market by the end of the decade.' The bill outlines requirements for stablecoin issuers, including compliance with U.S. anti-money laundering and sanctions laws, and mandates that issuers hold reserves backing the cryptocurrency. Without such a framework, Republicans on the Senate Banking Committee in a statement warned, 'consumers face risks like unstable reserves or unclear operations from stablecoin issuers." Despite some bipartisan support, the bill faced pushback as it made its way through Congress. Democrats felt that it did little to address Trump's personal financial interests in the crypto space. 'No one should be surprised that these same Republicans' next order of business is to validate, legitimize, and endorse the Trump family's corruption and efforts to sell the White House to the highest bidder,' said California Rep. Maxine Waters, the top Democrat on the Financial Services panel. A provision in the stablecoin bill bans members of Congress and their families from profiting off stablecoins. But that prohibition does not extend to the president and his family, even as Trump builds a crypto empire from the White House. In May, the Republican president hosted a private dinner at his golf club in Virginia with top investors in a Trump-branded meme coin. His family holds a significant stake in World Liberty Financial, a crypto project that launched its own stablecoin, USD1. Trump reported earning $57.35 million from token sales at World Liberty Financial in 2024, according to a public financial disclosure released in June. A meme coin linked to him has generated an estimated $320 million in fees, though the earnings are split among multiple investors. Some Democrats also criticized the bill for creating what they see as an overly weak regulatory framework that could pose long-term financial risks. They've also raised concerns that the legislation opens the door for major corporations to issue their own private cryptocurrencies. 'If this bill passes, it will allow Elon Musk and Mark Zuckerberg to issue their own money. The bill still permits Big Tech companies and other conglomerates to issue their own private currencies,' said Massachusetts Sen. Elizabeth Warren, the top Democrat on the Senate Banking Committee. ___ Associated Press writer Alan Suderman contributed to this report. Sign in to access your portfolio
